Amid tariff-related chaos, nine-in-10 Canadians concerned about domestic recession in next year
ONTARIO – While Canada and most of the rest of the world have evidently received a reprieve in the ongoing trade war with the United States, which appears to have picked a much larger battle with China, few Canadians are feeling mollified.
New data from the non-profit Angus Reid Institute finds nine-in-10 Canadians (91%) are concerned about the prospect of a recession in the coming year. Indeed, during this federal election campaign, this is one of the few questions that unify all potential voters, with at least 85 per cent of all partisans sharing in this concern.
Perhaps driving some of this concern, two-thirds of Canadians expect the tariff saga between their country and the U.S. is far from over. This group expects Trump will change his mind about not applying greater tariffs to Canadian exports at some point in the future (66%), while just 14 per cent disagree. One-in-five (21%) are hesitant to try and predict Trump’s next move.
With markets tanking, recovering, tanking, and then recovering again, and job losses mounting, Canadians are also concerned about how their own finances will endure this period. Four-in-five (83%) are wary of their household finances taking a hit (83%). Fully half (50%) say that they or someone in their household are at risk of losing a job should this economic turmoil persist.
Even without additional tariffs, many Canadians are expecting an economic shock. More than four-in-five (86%) say that already existing tariffs on steel and aluminum, some automotive parts, and non USCMA-compliant goods will cause serious damage to the Canadian economy. Some economic indicators from March have already pointed to this.
